Wright Investors Service Inc. lifted its stake in shares of Garmin Ltd. (NASDAQ:GRMN) by 7.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,102 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,705 shares during the period. Wright Investors Service Inc.’s holdings in Garmin were worth $2,083,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC lifted its position in shares of Garmin by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 1,452,073 shares of the scientific and technical instruments company’s stock valued at $125,386,000 after acquiring an additional 26,844 shares during the period. Dimensional Fund Advisors LP increased its stake in Garmin by 2.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,403,209 shares of the scientific and technical instruments company’s stock valued at $88,848,000 after purchasing an additional 39,907 shares in the last quarter. Northern Trust Corp increased its stake in Garmin by 1.6% during the 1st quarter. Northern Trust Corp now owns 1,373,186 shares of the scientific and technical instruments company’s stock valued at $118,575,000 after purchasing an additional 22,233 shares in the last quarter. First Trust Advisors LP increased its stake in Garmin by 26.3% during the 1st quarter. First Trust Advisors LP now owns 1,120,558 shares of the scientific and technical instruments company’s stock valued at $96,760,000 after purchasing an additional 233,543 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in Garmin by 17.5% during the 1st quarter. California Public Employees Retirement System now owns 764,928 shares of the scientific and technical instruments company’s stock valued at $66,052,000 after purchasing an additional 114,083 shares in the last quarter. Institutional investors own 42.19% of the company’s stock.
NASDAQ GRMN traded down $0.05 during trading on Thursday, hitting $76.46. 20,792 shares of the company’s stock traded hands, compared to its average volume of 1,465,105. The stock has a market capitalization of $15.41 billion, a PE ratio of 20.75, a price-to-earnings-growth ratio of 2.72 and a beta of 0.91. Garmin Ltd. has a 12-month low of $59.98 and a 12-month high of $89.72. The company has a quick ratio of 1.76, a current ratio of 2.39 and a debt-to-equity ratio of 0.01. The business’s 50 day simple moving average is $79.09.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Friday, September 13th. Garmin’s payout ratio is 61.79%.
GRMN has been the subject of a number of recent research reports. Morgan Stanley set a $81.00 price target on shares of Garmin and gave the company a “hold” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. upgraded shares of Garmin from an “underweight” rating to a “neutral” rating and reduced their target price for the stock from $77.00 to $75.00 in a research note on Friday, June 7th. Zacks Investment Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 24th. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research note on Tuesday, June 11th. Finally, BidaskClub raised shares of Garmin from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $78.66.
In other news, Chairman Min H. Kao sold 196,836 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $79.53, for a total value of $15,654,367.08. Following the sale, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $143,108,588.37. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Min H. Kao sold 87,325 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $80.30, for a total transaction of $7,012,197.50. Following the completion of the sale, the chairman now directly owns 1,799,429 shares in the company, valued at $144,494,148.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,177,966 shares of company stock worth $407,674,270. Insiders own 23.83% of the company’s stock.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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